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Assignment
Answer Economics Discussion question, no less than 250 words.
In New York City the Parks Department charges almost $300,000 annually for fast-food pushcart license for the spot just south of the Metropolitan Museum of Art.
1. Why would anyone pay so much for a pushcart license?
2. If the average price for food is $6 at that spot, how many food items they should sell on a daily basis just to avoid shut down, assuming the license is the only fixed cost.
3. Who is obtaining the economic rent for this location?
4. How much economic profit is pushcart owner probably earning?
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